Example by company in blockchain
R3
Enterprise blockchain business R3 is. It continues to support an ecosystem of over 300 businesses from various sectors that develop blockchain software applications on top of its Corda platform. These applications may be utilised in a variety of sectors, including banking, insurance, and healthcare. Corda has two versions that R3 maintains: an open source platform and Corda Enterprise, which is tailored for businesses. It is possible to use Corda in any version.Applications built specifically for the insurance industry on Corda are intended to assist insurers in automating back office tasks, streamlining operational processes, and generally spending less time on tasks like claims administration and data processing. Additionally, applications are being developed to facilitate quicker data exchange between insurers and reinsurers and speed up the underwriting process.
AXA
AXA introduced Fizzy, a blockchain-based platform for flight delay insurance, in 2017. Insurance against flight delays is purchased by customers and is documented in a smart contract. The programme gets flight statuses from linked worldwide air traffic databases. The smart contract immediately initiates payment to the consumer if their flight is delayed by more than two hours.
The claim is deposited directly into the customer's bank account; there is no need for them to fill out claims forms or speak with service representatives. Maximized customer satisfaction.
AXA is spared the time-consuming tasks of processing claims, checking flight information, and dealing with paperwork to obtain payment authorizations. They can use the money and time they save to carry out more lucrative tasks.
Blue Cross
Since April 2019, the Hong Kong insurer Blue Cross has been utilising blockchain to expedite the processing of medical insurance claims and stop fraud.
Blue Cross' blockchain technology verifies claims data in real-time, significantly lowering the risk of fraud by, for instance, submitting multiple claims. Additionally, claims for their 200,000+ clients are handled more quickly. The technology also eliminates the need to compare claims data from different parties, including insurers and healthcare providers. By collaborating with Blue Cross, medical professionals like physicians and chiropractors who don't employ a lot of administrative support personnel might save time and money.
Built on Hyperledger, the blockchain platform for Blue Cross. Bank of East Asia is the owner of Blue Cross.
Insurwave
A marine hull insurance platform powered by blockchain called Insurwave was introduced in 2018. In order to create the platform, Ernst & Young, Guardtime, Maersk, Microsoft, and ACORD worked together. It is based on the Corda platform from R3.
Both insurers and clients may get real-time information from Insurwave on the location, state, and safety characteristics of ships. Ships entering high-risk zones are automatically taken into account by Insurwave when determining pricing and underwriting.
These insurance premium calculations are highly intricate. This computation is made much simpler, pricing is precise, and underwriting moves forward faster when there is an immutable audit trail for ship-specific information. Additionally, insurers can better take into consideration hazards unique to ships.
IBM
With its IBM Blockchain effort, IBM simplifies several areas of the insurance sector. The business has assisted insurance organisations in automating their underwriting and claims procedures via this area of study. These modifications have decreased turnaround times and false claims, allowing insurers to gain the confidence of their clients and provide better, more reliable service.
Despite having a lengthy history in the insurance sector, Nationwide Insurance is dedicated to embracing blockchain technology to innovate. The business not only joined the RiskBlock Alliance, it also used the alliance's blockchain technology first. Customers may instantly verify their information with law enforcement and kick off the claims process thanks to the platform's quicker and safer proof of insurance assistance.
The blockchain suite from ConsenSys promises to fix many of the problems with the insurance sector. The Codefi tool from the business makes it simple to create decentralised networks for commerce, while the Diligence feature offers smart contract audits and other security precautions. By adopting these blockchain technology, insurers may benefit from features like automatic audits, unchangeable claim records, and simple data transfers.
By bringing blockchain to insurance firms, for example, Deloitte helps with clients to incorporate new technology into their workplaces. The business discovered it can utilise blockchain technology to preserve health information, carry out transactions using smart contracts, and identify fraudulent claims after completing a research on health and life insurance. Thus, insurance companies may use Deloitte's blockchain techniques to foster better connections with clients and patients.
Lemonade uses AI and distributed ledger technologies to sell insurance to renters and homeowners beginning at $5 and $25 a month, respectively. Blockchain comes into play via smart contracts. The company’s business strategy takes a predetermined charge from each monthly payment and puts the remainder toward future claims. If a claim is submitted, the blockchain’s smart contracts will instantly seek to verify the loss so a client may be compensated swiftly.
Guardtime creates blockchain solutions for government, banking, military, and logistics. The firm has partnered with Maersk to build a blockchain-based marine insurance platform that controls risk, employs smart contracts, and provides an immutable chain-of-shipment.
Etherisc is an open-source insurance platform. The startup develops blockchain-based insurance solutions. It uses ledger technology to decrease processing costs and claim-processing delays.
B3i is a group of insurers exploring blockchain and distributed ledger technologies in insurance. The 2016 startup uses blockchain to enhance data and payment management, minimise risk, and make insurance more cheap. B3i's solution digitally streamlines the reinsurance procedure.
Dynamis is a blockchain-based peer-to-peer insurance firm. It's about unemployment (or "social capital"). Policy applicants may verify work status using LinkedIn. Unemployed people will get insurance payouts over the company's blockchain.
Tierion's Chainpoint and Proof technologies let insurance firms and other enterprises build blockchain networks to record, monitor, and verify data. The company's claims processing system saves time and money. Insurers may use blockchain to spot bogus claims and stay compliant.
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